GACL to pay first-ever dividend to government since 2007

The Ghana Airports Company Limited (GACL) has earmarked GH¢30 million for payment to the Government of Ghana, marking its first dividend payment since the company was established in 2007. The proposed payment represents a significant milestone in the company’s financial relationship with the state, which owns 100 per cent of GACL, even as management grapples with liquidity constraints arising from investments in airport infrastructure and the operation of loss-making regional airports.

Managing Director of GACL, Yvonne Afriyie Opare, announced the development at the company’s 11th Annual General Meeting, where she presented management’s report on its operational and financial performance for the year ended December 31, 2025. “GACL has earmarked an amount of 30 million Ghana cedis to pay to a hundred percent shareholder, the Government of Ghana, for the first time since the establishment of the company in 2007,” she said.

The dividend decision comes amid significant financial commitments associated with GACL’s responsibility for developing, maintaining and managing airport infrastructure across the country. Beyond the Kotoka International Airport, the company is required to invest in regional airports, including those in Kumasi, Tamale, Sunyani and Ho. However, the facilities are yet to generate sufficient revenue to cover their operating costs, putting pressure on the company’s finances.

Mrs Opare said GACL continued to finance much of its infrastructure development and the provision of related public services from its own resources, affecting its liquidity position. “Domestic business operations and all other regional airports are not yet profitable,” she said. The financial pressures highlight the challenge facing the company as it balances its commercial obligations with the government’s broader aviation infrastructure development agenda.

Passenger and cargo traffic record growth Despite the operational challenges, GACL recorded growth across its key aviation indicators in 2025. Passenger traffic increased by six per cent to 3.6 million, up from 3.4 million in 2024. Aircraft movements also rose by 2.2 per cent to 47,270, while cargo volumes increased by 4.8 per cent to 44,826 tonnes.

The growth in passenger and cargo traffic supported an improvement in the company’s financial performance, with profit rising to GH¢354.6 million in 2025 from approximately GH¢336 million in the previous year. However, management continues to grapple with liquidity constraints and financing costs associated with its infrastructure investments, particularly the loan facility used for the development of Terminal 3 at Kotoka International Airport.

GACL restructures syndicated loan As part of efforts to ease its debt repayment obligations, GACL secured approval to restructure and refinance its syndicated loan. The arrangement provides for an eight-year extension of the repayment period, alongside a one-year moratorium on principal repayments. The restructuring is expected to provide the company with additional room to manage its cash flows and meet its investment commitments while sustaining airport operations.

The proposed GH¢30 million dividend marks a notable milestone for GACL as it seeks to demonstrate its capacity to generate returns for its sole shareholder while financing the country’s expanding aviation infrastructure needs.